Similar to the capability that Grapeshot provides on MediaMath to perform audience targeting based on people interested in certain keywords, Adwords now lets you setup “Display Keywords” ad groups to target not only content on webpages, but also people likely to be interested in these keywords.
This is an optional setting and can be found on the Adwords interface below the Keyword entry field.
Certainly looks like Google is holding back no punches in releasing an offering to match everything their competitors can possibly dream up.